Charlie Rose

Mark  10/31/2008 12:23 PM Report

The Independent <http://www.independent.co.uk/>

Milken charity for all its worth

By Jason Nissé

Sunday, 21 January 2001

When I was a cub reporter, in the mid-1980s, I worked on a financial

magazine which, alas, does not exist any more. One day the chief

correspondent rushed into the office in a fit of great excitement. "I've

got an interview with Ivan Boesky," he cried. "Who?" I said, betraying

my ignorance. "Only the greatest financier of our age," he replied.

When I was a cub reporter, in the mid-1980s, I worked on a financial

magazine which, alas, does not exist any more. One day the chief

correspondent rushed into the office in a fit of great excitement. "I've

got an interview with Ivan Boesky," he cried. "Who?" I said, betraying

my ignorance. "Only the greatest financier of our age," he replied.

Nowadays we know that Boesky was not a great financier, but a market

manipulator who was caught out by the US authorities and sent to jail.

He greatest legacy is the "Greed is good" speech that was so cleverly

ripped off by Oliver Stone for his movie Wall Street. However, in his

heyday he strode the financial market like an intimidating colossus,

instilling fear into his targets, and making his acolytes rich beyond

measure.

Only one other could match his reputation and influence: Michael Milken.

Like Boesky, Milken dominated his markets, intimidated his enemies and

enriched his friends. And like Boesky he was caught out by the

authorities, indicted, convicted and jailed. But unlike Boesky, Milken

has not faded away. He is very much with us.

As one of his last acts as President of the United States, Bill Clinton

toyed with issuing a pardon for Michael Milken. The pardon, which Slick

Willy appeared to forget to grant while securing his own immunity from

prosecution, would not have been because the President felt that Milken

was not guilty. Rather, it would have been an act of mercy because

Milken is suffering from cancer and has spent much of the last few years

raising money for charity.

While I have all sympathy from somebody who is genuinely ill, and admire

someone who dedicates his life to charitable causes, Milken is a

convicted criminal who flouted the terms of the deal that allowed him an

early release after serving two years of a 10-year sentence. There are

those, no doubt including people in the now-departed Democrat

administration, who would argue that his crimes were victimless. But

they weren't. If money flows out of the markets to line someone's

pockets, it has to come from somewhere. And that somewhere is ultimately

the savings and wallets of you, me and Auntie Maude.

It was estimated that after he paid all his fines. Milken had a nest-egg

of $1bn (about £670m) when he was released from prison. While you or I

might have settled for a fortune this size, and maybe dedicated

ourselves to charitable work, it was not enough for Mike.

Milken set up a charity to raise money for prostate cancer. It is called

CaP Cure and has been extremely successful. Through it Milken has made

many influential friends - including Intel founder Andy Grove, and

former Presidents Ronald Reagan and George Bush. Milken has other

charitable trusts, including the Milken Family Foundation, which raises

money for education, and the Milken Institute, a research organisation.

While much good work is done in these foundations, there is the

opportunity for Milken to further his business interests. According to

an excellent piece by James B Stewart in last week's /New Yorker/

magazine, Milken used many fund-raising galas, notably the National

Educator Awards in 1995, to make contacts and cement business deals.

These deals were exceptionally lucrative for Milken.

Shortly after the National Educator gala two of those attending - Bert

Roberts Jr of phone group MCI and News Corporation's Rupert Murdoch -

struck a deal for MCI to buy a $1bn stake in News Corp. The Digger was

so grateful for Milken putting this together that he paid him $27m.

According to evidence put up by the US Securities & Exchanges

Commission, which argued not only against the pardon but also that

Milken had violated his parole by becoming involved in securities

transactions, this level of fee was not uncommon for Milken.

He was paid $15m when News Corp bought a 20 per cent stake in New World,

a US television company, in 1994. And he received $50m from Ted Turner,

the founder of CNN, when Turner Broadcasting was bought by TimeWarner.

These seem like large fees to pay for consultancy advice to someone who

is not allowed to advise companies on matters that relate to the

financing of transactions. But Milken is a persuasive man.

He is so persuasive that when, in March, he hosts an economic conference

in Beverley Hills, at least four Nobel Laureates, a gaggle of captains

of industry, the odd finance minister and the editor of the Financial

Times, will be in attendance.

These leading financiers clearly feel that Milken has either served his

time or that his crimes should not make him a pariah. The SEC does not

agree. Its chairman, Arthur Levitt, publicly opposed the granting of a

pardon for Milken. "Philanthropy cannot provide a licence to violate the

law," said the SEC in a letter to Bill Clinton.

Thankfully sense prevailed. But, though Milken has raised funds for the

Democrats in recent years, he also has strong connections with the

Republicans. In four years' time, will we see George W Bush considering

a whitewash for Mike?

Mark  10/29/2008 11:59 PM Report

New York Times July 19, 2008

Felons Seeking Bush Pardon Near a Record

By CHARLIE SAVAGE

WASHINGTON — Felons are asking President Bush for pardons and commutations at historic levels as he nears his final months in office, a time when many other presidents have granted a flurry of clemency requests.

Among the petitioners is Michael Milken, the billionaire former junk bond king turned philanthropist, who is seeking a pardon for his 1990 conviction for securities fraud, the Justice Department said. Mr. Milken sought a pardon eight years ago from President Bill Clinton, and submitted a new petition in June.

In addition, prominent federal inmates are asking Mr. Bush to commute their sentences. Among them are Randy Cunningham, the former Republican congressman from California; Edwin W. Edwards, a former Democratic governor of Louisiana; John Walker Lindh, the so-called American Taliban; and Marion Jones, the former Olympic sprinter.

The requests are adding to a backlog of nearly 2,300 pending petitions, most from “ordinary people who committed garden-variety crimes,” said Margaret Colgate Love, a clemency lawyer.

Ms. Love, who was the United States pardon attorney from 1990 to 1997, said the backlog was overwhelming the vetting system, meaning that many petitions might not reach Mr. Bush’s desk before he leaves office.

Frank Halary  10/29/2008 10:41 PM Report

An excellent interview with great insight and fresh ideas.

atuttle  10/29/2008 07:42 PM Report

RON, Pierre, chircu.com, what are your problems? I suggest you go some place else and wage your igorant comments. You obviously do not understand the Charlie Rose Program. He has always been a neutral party in his opinions. He only expresses his support on issues that are humanitarian and are for the good of the people. You all need to look in the mirror and re-evaluate your prejudices.

Mark  10/29/2008 05:11 PM Report

Charlie,

What's next? Al Dershowitz to mount a public campaign for why George W. should offer the pardon to Mike Milken that W.J. Clinton failed to provide eight years ago? You do realize, of course, that Milken and his loyal poodle, Dershowitz, travel as a set. Or did you not plan to tell your viewers that Milken, prosecuted by some U.S. attorney named Giuliani (I forget his first name), wants the White House to make his criminal conviction disappear like an off-the-balance-sheet transfer?

Isabel  10/29/2008 01:50 PM Report

Ron, Pierre, spew our anti-semitic venom somewhere else. There's no place for it here. I wouldn't be surprised if the two of you can see Russia from you window!

Isabel  10/29/2008 01:49 PM Report

Ron, Pierre, spew our anti-semitic venom somewhere else. There's no place for it here. I wouldn't be surprised if the two of you can see Russia from you window!

lance laifer  10/29/2008 01:05 PM Report

Best Charlie Rose episode since Jeffrey Sachs on the End of Poverty (and malaria) in May 2005. Kudos to all on this episode, which will help change the world for the better for hundreds of millions.

Mark  10/29/2008 12:46 PM Report

New York Times

December 10, 1990

BUSINESS AND THE LAW; Rationale Behind Milken Sentence

By KURT EICHENWALD

SINCE Michael R. Milken was sentenced last month, the legal community has been split over the fairness of the decision. But like several aspects of the criminal case, many arguments in the debate are based on misconceptions.

In giving Mr. Milken 10 years in prison, Federal District Judge Kimba M. Wood has been criticized and praised for what has widely been seen as an attempt to put pressure on the former financier to cooperate with Government investigations.

The sentence has also been criticized for exceeding the term that appeared to be justified by Judge Wood's analyses of the former head of the high-yield "junk bond" division of Drexel Burnham Lambert Inc. and the case against him.

But a review of the case and the applicable laws shows that many of these arguments are wrong. Rather than try to force Mr. Milken to cooperate through her sentence, Judge Wood rejected calls that she do so. The review also shows that her sentence was supported by her analysis of the many factors in the case.

At the time of sentencing, Judge Wood said Mr. Milken could seek a reduction in his prison term if it was merited by his cooperation. But her statement was merely an effort to decide a dispute that had been put before her by the parties in the case.

Mr. Milken's lawyers had argued that he should be given credit at sentencing for agreeing to cooperate with the Government, even though the cooperation would not begin until after sentencing.

In response, Government prosecutors said Mr. Milken should not be given any credit for testimony not yet given.

At the heart of the dispute is Rule 35 of the Federal Rules of Criminal Procedure. Under the rule, a judge can reward cooperation after sentencing with a shortened prison term.

At sentencing, Judge Wood described her ruling on the arguments, leaving some law professors and lawyers who had not seen the filings with the impression that she was improperly using a stiff term to coerce Mr. Milken to talk.

Indeed, before the sentencing Judge Wood said "a court is not permitted to do that" as she rejected calls that she increase the term to put pressure on Mr. Milken. She added that "a court is required to select a fair sentence for the crimes that occurred, and, only after making that decision, consider whether a defendant's cooperation with the Government warrants lightening a sentence."

The statements properly followed the requirements of Rule 35, experts said. "What she did was prudent sentencing judgment," said Stephen Gillers, New York University Law School professor.

But did the securities law violations and other crimes justify the sentence? While that will be debated for years, Judge Wood's analysis of the casesupports her sentence.

Mr. Milken was sentenced for crimes committed before 1987, meaning his case did not fall under the Federal Sentencing Guidelines that came into effect that year. The guidelines were intended to limit the discretion of sentencing judges.

But Judge Wood said that in reaching her decision, she looked to the new rules for guidance. Some commentators and lawyers have criticized that statement as disingenuous, saying that the 10-year sentence far outweighed the term Mr. Milken would have served under the guidelines.

But such an analysis ignores an important factor: parole, a benefit available in the old system.

As a result, the amount of time Mr. Milken is likely to spend in prison would be virtually the same under the present sentence or under the new sentencing guidelines. The parole guidelines will recommend that Mr. Milken be released after somewhere between 24 months and 52 months, although he is eligible for parole at any time. If the new sentencing guidelines had been applied, according to documents filed by the two sides, Mr. Milken would have been sentenced outright to somewhere between 21 months and 57 months.

So why did Judge Wood hand down a 10-year sentence? She said she wanted to send a message to other potential white-collar criminals, using Mr. Milken's case to achieve a general deterrence.

While the 10-year sentence may persuade some Wall Street executives not to violate the law, it will have little impact on the United States Parole Commission. The nature of the crime, and not the sentence, determines the parole guidelines. "Whether the sentence is 5 years or 10 years in length, it doesn't change the guideline range," said Michael Stover, the commission's general counsel.

So with the stiff sentence, Judge Wood accomplished her stated goal of achieving general deterrence, without significantly increasing the amount of time Mr. Milken is likely to serve in prison.

Mark  10/29/2008 12:44 PM Report

New York Times

November 27, 1990

Too Much Milken Moralizing

In sentencing Michael Milken to 10 years for violating Federal securities law, Judge Kimba Wood denied she was rendering a "verdict on a decade of greed." But others blame Mr. Milken for the financial excesses of the 1980's. Junk bonds, they say, bankrupted profitable companies, decimated savings and loan institutions and brought the economy to the edge of financial chaos.

Such verdicts are premature moralizing and wrong in key respects. This one financial device, and this one mortal, did not undermine a $6 trillion economy. Mr. Milken did some good and some bad; overall judgment remains hard to render.

Michael Milken transformed the use of high-risk bonds -- junk bonds -- into a lifeline of credit for hundreds of new companies. This was a valuable innovation, though not responsible for creating hundreds of thousands of jobs as he proclaimed.

By funneling billions into upstarts like MCI and Turner Broadcasting, Mr. Milken spurred capital investment and growth of these specific companies. But junk bonds did not increase overall savings or investment rates. Extra investment at MCI came, in part, at the expense of investment at blue chip corporations. That might still boost productivity, but only marginally.

If Mr. Milken's accomplishments have been exaggerated, so have his failings. Contrary to his critics, junk bonds did not contribute substantially to the savings and loan disaster. Yes, a few S.& L.'s got in trouble by overinvesting in junk bonds. But they were heading for bankruptcy anyway.

During the 1970's, failing S.& L.'s tried to stay afloat by investing federally insured deposits in high-risk ventures. Junk bonds were a minor example. Real estate was the primary vehicle.

Nor did Mr. Milken's junk bonds cause excessive corporate debt. A powerful factor is the corporate tax code, which subsidizes debt and penalizes equity. For years, economists wondered why corporations did not borrow more. Mr. Milken showed them how.

What made junk bonds controversial was their excessive use in corporate takeovers. By the end of the 1980's, raiders accumulated huge war chests that they used to pay inflated prices that bore no relation to the target company's economic worth. The new owners buried themselves in mountains of debt, driving proud companies like Bloomingdale's into bankruptcy.

The long-term effects of such leveraged buyouts is uncertain. Some studies suggest that heavily indebted companies might have postponed long-term investments in new technologies and been saddled with inexperienced managers.

On the other side of the ledger, indebted companies have been forced to achieve operating efficiencies in order to make debt payments. And the threat of takeover has impelled managers to raise profits.

What all this portends is unclear. Heavily indebted companies are vulnerable to recessions, which lower corporate earnings and make debt payments difficult. If the imminent recession drives target companies into bankruptcy, Mr. Milken's junk bonds will have become an albatross.

But if debt-ridden corporations ride out the recession, Mr. Milken's legacy will look brighter. He won't be able to erase his conviction but opinions of his financial contributions to upstart companies would soar.

Mark  10/29/2008 12:43 PM Report

New York Times

November 22, 1990

THE MILKEN SENTENCE; Milken Gets 10 Years for Wall St. Crimes

By KURT EICHENWALD

Michael R. Milken, the once-powerful financier who came to symbolize a decade of excess, was sentenced to 10 years in prison yesterday for violating Federal securities laws and committing other crimes.

The sentence, handed down by Federal District Judge Kimba M. Wood in Manhattan, was the longest received by any executive caught up in the Wall Street scandals that began to unfold in 1986, and many legal experts and people on Wall Street expressed surprise at its severity.

But Judge Wood left open the possibility that Mr. Milken could be eligible for parole at any time during his sentence and that his sentence could be reduced if he cooperated in future investigations. Some legal experts said they did not expect him to be paroled until he served at least a third of the prison term. Three Years of Probation

After Mr. Milken serves his term he faces a three-year period of probation. Mr. Milken, who paid $600 million in fines and restitution when he pleaded guilty to the violations, will also be required to perform 1,800 hours of community service during each of three years of probation, or a total of 5,400 hours.

Judge Wood said the former financier had to be sentenced to a long jail term to send a message to the financial community, and also because he chose to break the law despite his advantages of position and intelligence.

"When a man of your power in the financial world, at the head of the most important department of one of the most important investment banking houses in this country, repeatedly conspires to violate, and violates, securities and tax laws in order to achieve more power and wealth for himself and his wealthy clients, and commits financial crimes that are particularly hard to detect, a significant prison term is required," she said. A Lengthy Investigation

The sentencing of Mr. Milken closes the most significant chapter of the longest investigation ever of crime on Wall Street. Over four years, numerous top Wall Street executives confessed to criminal activities and testified for the Government. But Mr. Milken did not cooperate with the inquiry and admitted his guilt only last April,

As head of the "junk bond" operations of Drexel Burnham Lambert Inc., which collapsed earlier this year, Mr. Milken financed some of the largest corporate takeovers in the 1980's. He pioneered the use of high-yield, high-risk junk bonds as instruments for corporate warfare, successfully convincing investors that the bonds' high returns more than compensated for the risk that the issuers would default.

Mark  10/29/2008 12:39 PM Report

Things Charlie did NOT tell his viewers:

Michael Milken

As an executive at Drexel Burnham Lambert Inc. during the 1980s, Milken used high-yield junk bonds for financing and corporate takeovers. While his personal wealth was enormous, he spent two years in prison after pleading guilty to charges of securities fraud.

Nicknamed the "junk bond king," Milken earned between $200 and $550 million dollars per year at the height of his success. Following his release from prison, he worked as a strategic consultant. This was in violation of his probation, and he was subsequently fined a paltry $42 million for these actions.

Mark  10/29/2008 12:33 PM Report

Charlie,

Why did you bring a billion-dollar convicted white-collar criminal who's lobbying fiercely for a presidential pardon from his crimes on to your television show?

Michael Milken is pure scum and the greatest individual cancer this nation has produced in the past 30 years. Why would you allow a convicted criminal to soil your program?

Do you really need money THAT badly, Charlie?

Margalise VI  10/29/2008 12:27 PM Report

I suggest you all read "The Predator's Ball"- it outlines what Mike Milken did wrong.

He is not responsible for damaging our economy, much to the contrary- countless jobs in the United States have been created as a result of his involvement in financial services.

Wynn Hotels, Safeway, Viacom, Wendy's... to name a few. Those three alone probably create 20 or 30k jobs- and then some!

That's just the tip of the iceberg, too. Why do you think all of these great CEO's are so loyal to Milken- its not because they were all busy scamming/defrauding investors, but instead, because Milken helped them obtain financing that was otherwise unavailable in the 70's and 80's.

The guy is a genius, plus he is one of the greatest philanthropists of our time.

I had the priveledge of sitting in his company in Los Angeles this spring- he's a prodigy.

Dr. Yunus, too, is a prodigy. Read "Banker to the Poor". I dont want to see any more slander on here until it comes from well educated/thorough analysis.

Your all spaccones!

Pierre  10/28/2008 11:20 PM Report

Is it any surprise that Milken was given the time of day on Charlie Rose's show?... Naaaa... Not surprising at all since Charlie Rose is a member of the Trilateral Commission. But how many knew that?

OBSERVER  10/28/2008 10:34 PM Report

Excellent presentation. Having said that, there is a huge danger in OVERESTIMATING India, China,..... due to vast socioeconomical and cultural differences they have with the developed countries of the West. Have you ever experienced when you have problems with Computer or cerdit cards transactions, etc. and you call to sort it out,you end up miserable as someone from e.g. India picks up the phone with thick accents, no clue about this part of the world culture, norm,.... and tells you what you already know,and, the rest messes up even further the problems you had in this part of the world!

OBSERVER  10/28/2008 10:34 PM Report

Excellent presentation. Having said that, there is a huge danger in OVERESTIMATING India, China,..... due to vast socioeconomical and cultural differences they have with the developed countries of the West. Have you ever experienced when you have problems with Computer or cerdit cards transactions, etc. and you call to sort it out,you end up miserable as someone from e.g. India picks up the phone with thick accents, no clue about this part of the world culture, norm,.... and tells you what you already know,and, the rest messes up even further the problems you had in this part of the world!

chircu.com  10/28/2008 07:27 PM Report

Will Mr. Yunus "corrupt" capitalism, or be corrupted by capitalism?

As for Mr. Milken, from the perspective(s) he shares with us, most probably he became another person after surviving a (medical) death sentence 15 years ago. Even without knowing the results of his current work, he seems to have changed for better.

OBSERVER  10/28/2008 03:50 PM Report

Excellent presentation. Having said that, there is a huge danger in OVERESTIMATING India, China,..... due to vast socioeconomical and cultural differences they have with the developed countries of the West. Have you ever experienced when you have problems with Computer or cerdit cards transactions, etc. and you call to sort it out,you end up miserable as someone from e.g. India picks up the phone with thick accents, no clue about this part of the world culture, norm,.... and tells you what you already know,and, the rest messes up even further the problems you had in this part of the world!

R.J. Bullock  10/28/2008 11:39 AM Report

All of the negative comments about Mr. Milken are misguided. He made some mistakes but overall he did nothing illegal. He was the victim of a Wall Street witch hunt lead by that wonderful champion of justice, Rudy Giuliani. Learn something about the circumstances surrounding the case and the downfall of Drexel before you damn Mr. Milken so completely.

david rutland  10/28/2008 08:09 AM Report

I just have to add to the negative comments regarding Michael Milken. Whatever Mr. Rose's reputation for having noteworthy guests along with the incumbent "required" civility, this show was a digrace. Milkens appearance in this venue, at this time is one of the greatest disservices of journalism to the public trust. I can only imagine Mr. Yunus panders to Milken as an end to a means. Milken is a convicted criminal who did more damage, and got away with it, to our economy and its workforce twenty years ago than almost anyone. Not to examine this as a precursor and direct cause of current financial crimes, as well as introducing Milken as a friend and philanthropist is an outrage.

andy abraham   10/28/2008 05:58 AM Report

Michael Milken was very interesting..he has a very long and controversial past... regardless

He is fascinating..

Andy

www.myinvestorsplace.com

Chris Baker  10/28/2008 02:20 AM Report

Michael Milken was very interesting, with a well-thought out agenda for national political leaders - focused first on better education and second on reducing national obesity. He said the medical care for someone who is obese costs four times that of someone who smokes. However he would have been better as a guest by himself, or with someone in more related fields. For example he said there were four causes of the current crisis, however Charlie cut him off after he gave only two. The first reason was the absurd ratings provided by rating agencies as well as the failure of buyers to do their homework on the ratings. The second was excessive leverage.

Gary Sutphin  10/28/2008 01:43 AM Report

I hope there is more that one Michael Milken because if there is not Charlie's comment about him being his good friend is appalling.

Milken ruined thousands financially and also put myself and tens of thousands of others out of a job for his personal gain with his junk bonds. Even after he was charged with wrong doing he got to keep his 6 million dollar home in Florida due to the primary residence laws there.

Anything this person has supposedly done (for good) since then is simply not enough and he is a prime example of what is wrong with this country. Figure out a loophole to rob millions and get to stay rich instead of losing it all when the people you rob have no recourse and wind up broke.

I will ever watch Charlie Rose again and when PBS calls me for money I will tell them why they will no longer get my money!

sock puppet  10/28/2008 01:03 AM Report

Milken and Yunus a class act. Values = choices. They seem to be choosing well.

loren1080  10/28/2008 12:59 AM Report

I jumped on the computer as fast as i could after the interview. this is the kind of optimism needs. these people believe in the good of people and i think that is what all this is about. we need rewarded for the hard work we do. i only borrow the money i need and i would be part of the 95 percent success rate that Yunus had loaning money to bums. we dont ask for more than we need and i think thats the lesson that faces mankind. i want to highlight the shared thought both gentlemen had referring to our human race doubling its lifespan in less than a century. we can keep improving our efficiency by extending our lifespans. i dont care what you say but im selling out to these guys for real!!!!!!

Krystyna Wise  10/28/2008 12:36 AM Report

In his modesty, Mr. Yunus talked about being mentored by Mr. Milken, really it should be the other way around. It makes my skin crawl to hear American business people, like Milken, talk about education. What do they know?! What are we teaching the world, when the American bankers who orchestrated the collapse of the world's financial system are then given a three trillion dollar bailout, and then given bonuses?!! Mr. Milken didn't once mention ethics or morals when Charlie asked about restoring trust in the banking system. Come on Mike - get real!

Quentin Allen  10/28/2008 12:19 AM Report

Tonight's show was most interesting. Two distinguished leaders, one, a U.S. citizen, Milkael Milken, a cancer survivor, with a Nobel Peace Prize winner, Muhammad Yunus, discussed exciting means of delivering services to heretofore unserved or ineffectively served populations here in the United States and over the world. As always, Charlie gave us a magnificent interview, one that I will recommend to those who wish to serve the medical, education or the economic needs of the people.

When all the people are empowered out of their own defined individual interests and directions, I am persuaded that magnificent things can happen. An inspiring hour...thanks to Mr. Milken and Mr. Yunus.

RE Mant  10/27/2008 11:55 PM Report

What a bunch of B.S. Complaining about unwarranted security ratings and leverage is very nice, but the fact is that the junk securities were created by easy money and paid off for a considerable period of time, because of continued easy money, just as in the 20s and early 30s, and the 80s. They might still, if more easy money is put in, but the more you do that, the bigger hole you dig, the more bad debt has to be liquidated, and the more wealth is transferred from poor to rich, who always benefit most from the govt's attempts at benevolence. What such ppl are arguing for is exactly what Hoover did. Hoover demanded and got the bailouts, and price and wage supports; who brought employers and unions together, who fought for farmers, and promoted protectionist tariffs; who called for more easy money; who bankrolled the banks, who eased bankruptcy laws, shutdown immigration, etc, etc. Not one of which did anything except prolong the inevitable, feed the unworthy, and make it all worse. The dollar, btw, strengthened in the Depression as well, and the reason is because our selfish policies having bankrupted the rest of the world, they rewarded us by continuing to give us money. It's a process not unlike floating junk bonds. I'm sorry, but I think they should have left Milken to rot. Microcredit, on the other hand, is a worthy idea, but has in practice forsaken its roots and made a lot of poor ppl dependent on external credit rather than independently productive.

Snowy Max  10/25/2008 09:45 PM Report

What a TOTALLY ABSURD comment!!!

Professor Muhammad Yunus was on this show, I am sure, because of his extraordinary achievements in bringing microfinance to the world and helping very poor entrepreneurial people raise themselves out of poverty (for which he got the Nobel price for peace!) - He HAPPENS to be Muslim. Michael Milken has a long track record now of philanthropy and extremely incisive knowledge and expertise in finance. He HAPPENS to be Jewish. This kind of comment is offensive and OFF-BASE.